The Cosmetics and Food Color businesses continued their strong performances in the quarter and the Inks business improved solidly over last year's result.

the cosmetics and food color businesses continued their strong performances in the quarter and the inks business improved solidly over last year's result


The movement, depending on the segment and the market, may not be driven by a large multinational. It may be driven by a local or regional account

the movement depending on the segment in the market may not be driven by a large multinational it may be driven by a local or regional account


As an example, TESSCO has been selected by Verizon as a supplier to provide distribution of a broad array of wireless network

as an example tessco has been selected by verizon as a supplier to provide distribution of a broad array of wireless network


and because of high usage of QC labor as we were struggling to deal with challenging environmental conditions and to correct problems in our paint line.

and because of high usage of qc labor as we were struggling to deal with challenging environmental conditions and to correct problems in our paint line


During the quarter, we continued to focus on improving working capital metrics, which resulted in improved cash generation from operations.

during the quarter we continued to focus on improving working capital metrics which resulted in improved cash generation from operations


Sure. We've given this level of guidance, intentionally the first time. This is the first time we've given guidance in a bit

sure we've given this level of guidance intentionally the first time this is the first time we've given guidance in a bit


So I just want to assure you that in all the markets that Cummins India plays in, in the domestic market of India, they will continue to be

so i just want to assure you that in all the markets that cummins india are playing in in the domestic market of india they will continue to be


a handful or half a dozen or so that have rather large geographies. And what we found through these successive expansions

a handful half a dozen or so that had rather large geographies and what we found through these successive expansions


Richard has extensive commercial and operations experience and previously led our international Fabrication Services and Engineered Products businesses.

richard has extensive commercial and operations experience and previously led our international fabrication services and engineered products businesses


and we'll see that effect immediately. Also, contrary, when you start listening to other earnings calls versus ours,

and we'll see that effect immediately also contrary when you start listening to other earnings calls versus ours


how I would go at this, and this has always worked for me in the past. And I believe that market exists,

how i would go at this and this has always worked for me in the past and i believe that market exists


We hope to close these additional stores by the end of third quarter, however these opportunities remain subject to further due diligence and closing conditions,

we hope to close these additional stores by the end of third quarter however these opportunities remain subject to further due diligence and closing conditions


I think as we are understanding our data we're doing the work in the background in terms of the sales force sizing and the overlap with high prescribers in the oral side

i think as we are understanding our data we're doing the work in the background in terms of the sales force sizing and the overlap with high prescribers and the oral side


I'm just trying to get a sense of, I guess, it's really your order file plus timing of the completion of project before you can really ramp it up.

i'm just trying to get a sense of i guess it's really your order file plus timing of completion of the project before you can really ramp it up


And this commitment includes investing for the future. And a great example is our recent investment and launch in PolyOne Advanced Composites.

and this commitment includes investing for the future and a great example is our recent investment and launch in polyone advanced composites


Though we will continue to shorten the time from contract signing to revenue production and work through the backlog we had as the year began,

that we will continue to shorten the time from contract signing to revenue production and work through the backlog we had as the year began


Wireless construction activity in support of expanded coverage and capacity has begun to accelerate due to deployment of enhanced macro cells and new small cells.

wireless construction activity in support of expanded coverage and capacity has begun to accelerate through the deployment of enhanced macro cells and new small cells


Turning to the international markets. Let me first make a couple of comments on China. Yesterday, we filed an application with The People's Bank of China

turning to the international markets let me first make a couple of comments on china yesterday we filed an application with the people's bank of china


that we've experienced here in the first quarter, a little bit more in the second quarter -- a little bit less in the second quarter, and then we start to see it turn positive in the second half.

that we've experienced here in the first quarter a little bit more in the second quarter -- a little bit less in the second quarter and then we start to see it turn positive in the second half


This ensures that coal-fired generation remained more competitive than it was in the first half of '16, and power plants were able to burn more coal.

this ensured that coal-fired generation remained more competitive than it was in the first half of '16 and power plants were able to burn more coal


That program was reinstated in October last year, and continues today. So that's one of the primary drivers in that.

that program was reinstated in october last year and continues today so that's one of the primary drivers in that


and then also the new product production, the first run production of new products in our plants, both for the State Department orders and the new Passport collection.

and then also the new product production the first one production of new products in our plans both for the state department orders and the new passport collection


We have been able to proactively stay ahead in the midst of an inflationary environment in which we've seen many of our input costs rise.

we have been able to proactively stay ahead in the midst of an inflationary environment in which we've seen many of our input costs rise


strong cash flow, we've been able to significantly reduce the acquisition financing that we took on back on the 5th of January to conclude

strong cash flow we've been able to significantly reduce the acquisition financing that we took on back on the 5th of january to conclude


And so we've seen a predominance of that type of project coming into the backlog right up until this most recent quarter.

and so we've seen a predominance of that type of project coming into the backlog right up until this most recent quarter


really getting into customer requirements -- market requirements and customer requirements and making sure that we've got the right product for the long term in that marketplace.

really getting into customer requirements market requirements and customer requirements and making sure that we've got the right product for the long term in that marketplace


focus the business on a monthly basis. So that's why we're getting the averages down. So historically -- and you'll see in a lot of companies

focus the business on it on a monthly basis so that's why we're getting the averages down so historically and you're seeing a lot of companies


We also believe that we are the leading online lender in Canada, with the most experience and scale in terms of originating and servicing loans online, having done over a million loans already.

we also believe that we are the leading online lender in canada with the most experience and scale in terms of originating and servicing loans online having done over 1 million loans already


but I think that's roughly what you're going to see. So that's the first piece. The second piece is -- to be blunt, we're doing better business in international.

but i think that's roughly what you're going to see so that's the first piece the second piece is to be blunt we're doing better business in international


so while it is difficult to develop forecast that include the whales or accurately project the timing and magnitude of big partner growth,

so while it is difficult to develop forecasts that include the whales or accurately project the timing and magnitude of big partner growth


a number of the operating income and after that we want to increase our services and businesses several fold


We are making good progress with the ZEPATIER launch. We're having favorable conversations with payers, and we've garnered some early wins in both the public

we are making good progress with the zepatier launch we're having favorable conversations with payers and we've garnered some early wins in both the public


Since I came to Hamburg now 6 months ago, I visited all regions and major markets that I was not directly responsible for in the past,

since i came to hamburg now 6 months ago i visited all regions and major markets that i was not directly responsible for in the past


continuing the top line growth for 8 consecutive quarters since the second quarter of 2015, when GiGA Internet subscriber acquisition actually took off,

continuing the top line growth for 8 consecutive quarters since the second quarter of 2015 when giga internet subscriber acquisition actually took off


the deal should be structured in a way that drives ticket. And I'm just curious as you think about your promotions over the next few weeks,

the deals should be structured in a way that drives ticket and i'm just curious as you think about your promotions over the next few weeks


I believe that the industry is likely to grow and likely to capture a lot of business because the

i believe that the industry is likely to grow and likely to capture a lot of business because


A number of our other strategies also offer competitive track records across various time periods and in our view, have the potential for broader appeal.

a number of our other strategies also offer competitive track records across various time periods and in our view have the potential for broader appeal


launched the first and only coverage of new construction activity in the self-storage sector and created the nation's first and only affordable housing product.


Our business development offices have been more focused on developing commercial lending relationships, and we're pleased with the growth we're seeing in that area in particular.

our business development officers have been more focused on developing commercial lending relationships and we're pleased with the growth we're seeing in that area in particular


reconciliation of these non-GAAP measures to the most directly comparable GAAP measures can be found in the company's third quarter earnings release, which is posted on the company's website.

the reconciliation of these non-gaap measures to the most directly comparable gaap measures can be found in the company's third quarter earnings press release which is posted on the company's website


author and user communities is what allows you to drive usage. And ultimately, in this market, pricing is increasingly predicated upon usage.

author and user communities is what allows you to drive usage and ultimately in this market pricing is increasingly predicated upon usage


reviewed a study in conjunction with one of our key suppliers about the demographics related to trips into our industry, not just Circle K, but our industry, and

reviewed a study in conjunction with one of our key suppliers about the demographics related to trips into our industry not just circle k but our industry and


But is there anything you can call out in terms of why clients might be delaying? Or any sort of change in client demand there?

but is there anything you can call out in terms of why clients might be delaying or any sort of change in client demand there


Well, I must say that we have -- we're lucky that we haven't really experienced any surprises so far.

well i must say that we have -- we're lucky that we haven't really experienced any surprises so far


experience as they start to adopt the Mako robot. So that's really one of the key factors. So we're continuing to hire those folks. We're probably looking right now

experience as they start to adopt the mako robot so that's really one of the key factors that we're continuing to hire those folks we're probably looking right now


we've been able to then go to these other customers. And they have chosen to start to put some business into our sites.

we've been able to then go to these other customers and they have chosen to start to put some business into our sites


and go to the Investor section. And from there, go to the Presentations section.

and go to the investor section and from there go to the presentation section


based on what we see and the forecasting of earnings, we think it gives us some run rate for a while. But with the

based on what we see and kind of the forecasting of earnings we think it gives us some run rate for a while but with the


Actual results could differ materially from those stated or implied by our forward-looking statements due to risks and uncertainties associated with the company's business.

actual results could differ materially from those stated or implied by our forward-looking statements due to risks and uncertainties associated with the company's business


We expect the majority of refinery transitions to be completed by the end of this year, and then should be able to realize additional efficiencies in spending.

we expect the majority of refinery transitions to be completed by the end of this year and then should be able to realize additional efficiencies in spending


with that high level and distribution of business during the year, receivables are substantially higher in absolute amounts than what we can see at the end of the year.

with that high level and distribution of business during the year receivables are substantially higher in absolute amounts than what we can see at the end of the year


we would still expect our turnarounds before the AOSP acquisition to continue generating free cash flow and debt repayments, exiting the year in that

we would still expect our turnarounds before the aosp acquisition to continue generating free cash flow and debt repayments exiting the year in that


As always, we will be mindful of ensuring that our financing plans afford the flexibility to repay debt or refinancing as each maturity comes due.

as always we will be mindful of ensuring that our financing plans afford the flexibility to repay debt or refinancing as each maturity comes due


just sort of the unprecedented demand coming from that. Are they taking -- are they doing deals where they're taking more space than they need in anticipation of future growth?

just sort of the unprecedented demand coming from that are they taking -- are they doing deals where they're taking more space than they need in anticipation of future growth


And while it will require some investment in the near term, there's great potential for us to continue growing well into the long term.

and while it will require some investment in the near term there's great potential for us to continue growing well into the long term


As we said in October, we believe this new compelling offer will be of interest to other landlords as they reconfigure their space.

as we said in october we believe this new compelling offer will be of interest to other landlords as they reconfigure their space


Looking into adjusted costs in more detail on Page 7, you'll see 4 main categories with the following movements at constant FX rates.

looking into adjusted costs in more detail on page 7 you see 4 main categories with the following movements at constant fx rates


Importantly, only former will be relevant for the maximum distributable amount, which functions as a restriction trigger point.

importantly only former will be relevant for the maximum distributable amount which functions as a restriction trigger point


Previously, our partners had little motivation to refer business to us due to the relatively unfavorable economics

previously our partners had little motivation to refer business to us due to the relatively unfavorable economics


We have identified and continue to identify opportunities to leverage resources within TriMas and this is a perfect example.

we have identified and continue to identify opportunities to leverage resources within trimas and this is a perfect example


IT, occupancy and general and administrative expenses all experienced a seasonal increase as typical of the fourth quarter.

it occupancy and general and administrative expenses all experienced a seasonal increase that is typical of the fourth quarter


We continue to improve our quality of earnings by growing the fee business thanks to the strong contribution of our own and third party products,

we continue to improve our quality of earnings by growing the fee business thanks to the strong contribution of our own and third-party products


Secure switches are sold together with FortiGates and related services, and represented 2% of total fourth quarter billings.

secure switches are sold together with fortigates and related services and represented 2% of total fourth quarter billings


And in Brazil, we introduced a red fruits flavor of our collagen beauty booster, and it was met with a lot of excitement when we announced it at our sales event in September.

and in brazil we introduced a red fruits flavor of our collagen beauty booster and it was met with a lot of excitement when we announced it at our sales event in september


I do allow them to bill their legal and support costs for ongoing unbilleds against it. But

i do allow them to bill their legal and support costs for ongoing unbilled against it but


as well as favorable adjustments associated with the closeout of a courthouse project in California and progress towards completion on a health care project also in California.

as well as favorable adjustments associated with the closeout of a courthouse project in california and progress toward completion on a health care project also in california


owing to increased strategic spending on advertising and the failure of some products to achieve sales growth.


and benefits, even though the portfolio has grown, this has to be emphasized, we can see that our claims are lower. They are lower because

and benefits even though the portfolio has grown this has to be emphasized we can see that our claims are lower they're lower because


the companies that have kind of nibbled around LNG have had a hard time really making money in that business. The spot returns have actually been pretty horrible

the companies that have kind of nibbled around lng have had a hard time really making money in that business the spot returns have actually been pretty horrible


Consistent with previous quarters, the impact from foreign currency translation had an essentially neutral impact on net income on a total company basis.

consistent with previous quarters the impact from foreign currency translation had an essentially neutral impact on net income on a total company basis


continue to believe is important. It's important for you all, but it's important for us to be able to remain relevant in terms of how we price and how we deliver our products and services. So

continue to believe is important it's important for you all but it's important for us to be able to remain relevant in terms of how we price and how we deliver our products and services so


In addition to ensuring we have the right solutions to address the unique needs of educators, we continue to build and improve distribution options

in addition to ensuring we have the right solutions to address the unique needs of educators we continue to build and improve distribution options


Please note that there are -- is no certainty that these transactions will close. I will now turn the call back over to Kipp for some closing remarks.

please note that there are -- is no certainty that these transactions will close i will now turn the call back over to kip for some closing remarks


but of course in a relatively small part of the overall store, then began to roll out into other parts of our business.

but of course in a relatively small part of the overall store then began to roll out into other parts of our business


Higher spare engine volumes. We have a much better mix of spare engine volumes, first half, second half compared to last year, which was very much second half weighted.

higher spare engine volumes we have a much better mix of spare engine volumes first half second half compared to last year which is very much second half weighted


So there is a growth, therefore, in the first half this year compared to what was a relatively low number in the first half of last year, as the spare engine volumes were very much second half weighted.

so there is a growth therefore in the first half this year compared to what was a relatively low number in the first half of last year as the spare engine volumes were very much second half weighted


of fiscal year 2016. These modifications are expected to lower our future revenue run rates

of fiscal year 2016 these modifications are expected to lower our future revenue run rates


recently that would lead us to believe that anything is imminent. We look for opportunities in other businesses

recently that would lead us to believe that anything is imminent we look for opportunities in other businesses


In the First Quarter we continued to see the benefits of that transformation programs that we have started already several

in the first quarter we continued to see the benefits of the transformation programs that we have started already several


The ability to leverage that local market expertise as well as management capability is absolutely phenomenal. We're beginning to see some improvement

the ability to leverage that local market expertise as well as management capability is absolutely phenomenal we're beginning to see some improvement


Whilst we expect the competitive environment to remain, the additional KZN baking capacity that was successfully commissioned in December

whilst we expect the competitive environment to remain the additional kzn baking capacity that was successfully commissioned in december


For the first half, the increase in international sales occurred primarily in Canada, in Russia, in Australia and in Mexico.

for the first half the increase in international sales occurred primarily in canada in russia in australia and in mexico


due to efficient labor management, continued shift of more services delivered offshore and modest tailwinds from exchange rate fluctuations. The

due to efficient labor management continued shift of more services delivered offshore and modest tailwinds from exchange rate fluctuations


and the elimination of some positions in our field offices and back office to better match the revenue levels of certain practices in our core business.


Our third priority initiative is dedicated to building our integrated solutions capabilities with a central team and a standard deployment model.

our third priority initiative is dedicated to building our integrated solutions capabilities with a central team and a standard deployment model


We will also continue to follow the clinical outcomes of patients in the trial. As I mentioned, we anticipate an IND early next year

we will also continue to follow the clinical outcomes of patients in the trial as i mentioned we anticipate an ind early next year


we are very excited about this opportunity and are working through all open issues as swiftly as possible with all stakeholders in the process


as we continued to price to recover currency devaluations and rapid increases in Brazilian corn cost that occurred over the past two quarters.

as we continued to price to recover currency devaluations and rapid increases in brazilian corn costs that occurred over the past 2 quarters


I think Michael used the phrase that our product is useful and undeniably valuable. I think that that's a simple description of how we think about the Insulation business.

i think michael used the phrase that our product is useful and undeniably valuable i think that that's a simple description of how we think about the insulation business


We don't think we can cut ourself out of this situation. We have to increase sales to get ourselves out of this situation primarily.

we don't think we can cut ourselves out of this situation we have to increase sales to get ourselves out of this situation primarily


But we have no hurry -- there's no timeline. There's no commitment to anybody in terms of doing anything under any type of timeline, to OFAC or to anybody else.

but we have no hurry we have -- there's no timeline there's no commitment to anybody in terms of doing anything under any type of timeline to ofac or to anybody else


that we should recover once we give you guys confidence that all of this is behind us, which I hope to be able to do on this call fully today.

that we should recover once we give you guys confidence that all of this is behind us which i hope to be able to do on this call fully today


and especially the increasing benefits realized from our ongoing strategic program integrating Life Sciences and Clinical Laboratories.

and especially the increasing benefits realized from our ongoing strategic program integrating life sciences and clinical laboratories


In Q2, additional shipments will occur including to multiple top retail partners, and the product will also begin to arrive on shelves.

in q2 additional shipments will occur including to multiple top retail partners and the product will also begin to arrive on shelves


This was -- there was strong expansion in Foundry, which was supported by new product launches. And the edible oil purification business also continued

this was -- there was strong expansion in foundry which was supported by new product launches and the edible oil purification business also continued


projects there is out there. The second thing, most of our competitors are basically construction companies that are also doing

projects there is out there the second thing most of our competitors are basically construction companies that are also doing


We continue to work on securing new orders for this business and have taken some steps to further improve operational performance.

we continue to work on securing new orders for this business and have taken some steps to further improve operational performance


simplicity, reduce complexity, drive efficiency and also act as a platform for our strategy execution also going well.

simplicity reduce complexity drive efficiency and also act as a platform for our strategy execution also going well


through strategic investments in our cinemas and real estate development project and returning capital directly to stockholders.


We understand this and continue to focus on the need for market-specific and curated marketing across our international operations.

we understand this and continue to focus on the need for market-specific and curated marketing across our international operations


Various remarks that we make during this call about the company's future expectations, plans and prospects constitute forward-looking statements for purposes

various remarks that we make during this call about the company's future expectations plans and prospects constitute forward-looking statements for purposes


In thinking about our earnings pattern, I would note that in recent years, many of our businesses have had higher-than-average expenses in the fourth quarter,

in thinking about our earnings pattern i would note that in recent years many of our businesses have had higher than average expenses in the fourth quarter


We were able to update the way we account for recoveries on accounts previously written off moving to an accrual versus cash basis model

we were able to update the way we account for recoveries on accounts previously written off moving to an accrual versus cash basis model


in Bermuda, and if I could possibly find out what the dates are. I'd certainly like to attend with my wife

in bermuda and if i could possibly find out what the dates are i'd certainly like to attend with my wife


confirmed order from a customer. We also build in those costs into our costing model when we're pricing products. So

confirmed order from a customer we also build in those costs into our costing model when we're pricing products so we


which took effect on October 1. With this appointment, we've established an enhanced leadership structure to provide more effective and coordinated oversight

which took effect on october 1 with this appointment we've established an enhanced leadership structure to provide more effective and coordinated oversight


there's some flexibility around that. There's still some things we can do around cost. As you know, we're very focused on OpEx and continuing to take costs out of the

there's some flexibility around that there's still some things we can do around cost as you know we're very focused on opex and continuing to take cost out of the


coupled with continued robust growth in our Safety Assessment and Microbial Solutions businesses. On a segment basis,

coupled with continued robust growth in our safety assessment and microbial solutions businesses on a segment basis


but our volume simply isn't high enough to substantiate us spending billions of dollars to build our own lithium iON factory right now.

and -- but our volume simply isn't high enough to substantiate us spending billions of dollars to build our own lithium-ion factory right now


We issued an 8-K and press release and held a call similar to this last Tuesday, announcing our acquisition of Alpha Technologies.

we issued an 8-k and press release and held a call similar to this last tuesday announcing our acquisition of alpha technologies


the ability to participate on referral networks, right, and actually help us work with our clients better and maintain those relationships and bringing custody of

the ability to participate on referral networks right and actually help us work with our clients better and maintain those relationships and bringing custody of


What we have approved for the first time is a program of refracs and recompletions over a large number

what we have approved for the first time is a program of refracs and recompletions over a large number


As I said, Qantas Loyalty achieved yet another record performance as both the Coalition and the new businesses continue to expand.

as i said qantas loyalty achieved yet another record performance as both the coalition and the new businesses continue to expand


Now when you stare into that, it's also very clear to us the majority of that shaping is happening on key competitive markets for us right now.

now when you stare into that it's also very clear to us that majority of that shaping is happening on key competitive markets for us right now


However, to the extent inflation continues to come down more quickly than expected, it's possible that the Central Bank would adjust rates downward once again.

however to the extent inflation continues to come down more quickly than expected it's possible that the central bank would adjust rates downward once again


While in the past, we've been successful in growing our business and expanding our footprint within asset management through acquisitions. We're also mindful that

while in the past we've been successful in growing our business and expanding our footprint within asset management through acquisitions we're also mindful that


in this particular quarter. We were in a period where large clients on balance were in a position of reducing their exposures.

in this particular quarter we were in a period where large clients on balance were in a position of reducing their exposures


And we are working with a variety of fleets and shippers, like Kroger and Unilever as well as trucking companies, waste companies and municipalities.

and we are working with a variety of fleets and shippers like kroger and unilever as well as trucking companies waste companies and municipalities


Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for or superior to GAAP results.

non-gaap financial measures should be considered in addition to results prepared in accordance with gaap and should not be considered as a substitute for or superior to gaap results


that's going to depend on the availability of the fuel and a number of items that are just hard to predict at this time.


Consequently, our results would normally outperform the index in a falling market and, conversely, underperform in a rising market.

consequently our results would normally outperform the index in a falling market and conversely underperform in a rising market


Before we get started, please note that as part of the call this morning, we will be referencing a presentation that is available on the Investors section of our website

before we get started please note that as part of the call this morning we will be referencing a presentation that is available on the investors section of our website


first quarter call, which is the development of this risk-sharing model that we will be rolling out and going to the acute care hospitals with

the first quarter call which is the development of this risk-sharing model that we will be rolling out and going to the acute care hospitals with


and Sigma who buy in bulk and distribute to their end customers. And so in most cases, we don't know where all the products are going. Although I will say that

and sigma who buy in bulk and distribute to their end customers and so in most cases we don't know where all the products are going although i will say that


Some of them rely heavily on the banks for distribution, and obviously that can compose a problem. They also lack a direct-to-consumer platform themselves.

some of them rely heavily on the banks for distribution and obviously that can pose a problem they also lack a direct-to-consumer platform themselves


insecticides and insecticide sprays will continue to be maybe not the same growth we had this year but won't go back to where they were in the past.

insecticides insecticide sprays will continue to be -- maybe not the same growth we have this year but won't go back to where they were in the past


In our specialty formulary management product, we expanded the number of therapeutic drug classes under management for both new and current customers.

in our specialty formulary management product we expanded the number of therapeutic drug classes under management for both new and current customers


Overall, I'm pleased with our performance and remain confident in our ability to execute against our strategic objectives.

overall i'm pleased with our performance and remain confident in our ability to execute against our strategic objectives


Furthermore, our targeted household marketing is delivering a significant saving in marketing expenses compared to last year.

furthermore our targeted household marketing is delivering a significant saving in marketing expenses compared to last year


pretty well through '15 on the parts side. Where we saw some weakness was on the construction side. And when I talked about people not running to the year-end, there was

pretty well through '15 on the parts side where we saw some weakness was on the construction side and when i talked about people not running to the year-end there was a


momentum as we go in. So yes, it's going to take a little while to build this business back and regain the 20% we lost.

momentum as we go in so yes it's going to take a little while to build this business back and regain the 20% we lost


as I mentioned in my remarks, the -- we sort of have grown up through the IT world and are well known in that world. Our product's getting pulled out of IT.

as i mentioned in my remarks we sort of have grown up through the it world and are well known in that world our products getting pulled out of it


as a reduction in fixed operating costs and floorplan interest expense more than offset our decrease in gross profit from parts and service.

as our reduction in fixed operating costs and floor plan interest expense more than offset our decrease in gross profit from parts and service


The slight decrease in revenues and segment results were primarily due to the decrease in rental activity I mentioned earlier.

slight decrease in revenues and segment results were primarily due to the decrease in rental activity i mentioned earlier


obviously, the confidence level on future and growing exploration in the Gulf of Mexico, in Southeast Asia. So

obviously the confidence level on future and growing exploration in the gulf of mexico in southeast asia so


will there be any addendums, any weaknesses still? Would you expect that? Or do you expect it to be a normally signed audit at that point?

will there be any addendums any weaknesses still would you expect that or do you expect it to be a normally signed audit at that point


What from my perspective makes this very important as you think about all the investment that needs to get made in the system, be it distribution or transmission.

what from my perspective makes this very important is you think about all the investment that needs to get made in the system be it distribution or transmission


I'm thrilled that he has accepted our offer, and I look forward to working with him along with the rest of our Board.

i'm thrilled that he has accepted our offer and i look forward to working with him along the rest of our board


So we can see that the cost out that we're taking in service delivery is helping the margins here in Networks.

so we can see that the cost out that we're taking in service delivery is helping the margins here in networks


However, given the lag between changes in open market paperboard prices and our folding carton prices, we expect to see the majority of the benefit

however given the lag between changes in open market paperboard prices and our folding carton prices we expect to see the majority of the benefit


basically what we can do to serve the customer the best and manage our risks. So we're really looking at all types of contracts and contracting structure.

basically what we can do to serve the customer the best and manage our risks so we're really looking at all types of contracts and contracting structure


One benefit of the harmonization of our Discovery portfolio is the expansion of our integrated client relationships.

one benefit of the harmonization of our discovery portfolio is the expansion of our integrated client relationships


And we can do this while still effectively serving the growing e-commerce markets because automation and technology improves efficiency, productivity

and we can do this while still effectively serving the growing e-commerce market because automation and technology improves efficiency productivity


there are no questions, I would like to finish this call. We had

there are no questions i would like to finish this call we had


And in commercial benefit channels, we're seeing both lower use of the ER and lower hospital admission rates for patients treated in the ER.

and in commercial benefit channels we're seeing both lower use of the er and lower hospital admission rates for patients treated in the er


We urge you to read Sensient's filings for a description of these factors. Please bear these factors in mind when you analyze our comments today.

we urge you to read sensient's filings for a description of these factors please bear these factors in mind when you analyze our comments today


Regular filings are clearly important to achieving returns close to the allowed level, but we also need to be more efficient to offset inflation and keep costs down.

regular filings are clearly important to achieving returns close to the allowed level but we also need to be more efficient to offset inflation and keep costs down


And it could ramp very quickly because a lot of ad dollars being spent on a mobile platform. And if you can show increased

and it could ramp very quickly because a lot of ad dollars being spent on the mobile platform and if you can show increased


also to streamline our regional structure. We can clearly state that the current frame of reference with which we are working

also to streamline our regional structure we can clearly say that the current frame of reference with which we are working


As I have just mentioned, Jianpu's cooperation with financial service providers is becoming more diversified

as i have just mentioned jpmorgan's cooperation with financial service providers is becoming more diversified


In July, the partnership also began construction of an additional gas processing plant to support growth in the STACK shale play of Oklahoma.

in july the partnership also began construction of an additional gas processing plant to support growth in the stack shale play of oklahoma


To achieve this milestone on a project of this size and with these many employees requires an unwavering commitment to safety for everyone involved.

to achieve this milestone on a project of this size and with this many employees requires an unwavering commitment to safety from everyone involved


Each site then goes away, and they had January to write a documented improvement plan, and now those plans are back and they're executing to those plans. So a lot of those type of opportunities

each site then goes away and they had january to write a documented improvement plan and now those plans are back and they're executing to those plans so a lot of those type of opportunities


we continue to identify opportunities for management-driven improvements within Rotork to stimulate both the growth and margin we desire.

we continue to identify opportunities for management-driven improvements within rotork to stimulate both the growth and the margin we desire


The investments we have made across our advertising business are starting to pay off, and we're pleased with the results we have seen so far.

the investments we have made across our advertising business are starting to pay off and we are pleased with the results we have seen so far


higher for some airlines than others because some are pushing it -- want us to push it more hard than others. But I think it shows that travelers through Singapore

higher for some airlines than others because some are pushing it -- want us to push it more hard than others but i think it shows that travelers through singapore


really challenging ourselves to find the levers, to see the enhancement as we go forward and know

really challenging ourselves to find the levers to see the enhancement as we go forward and know


I'm not going to provide that protection, but you can look back at the numbers historically.

i'm not going to provide that projection but you can look back at the numbers historically


So we'll leverage off Sunrise Dam, we'll leverage off Tropicana in terms of all of the operation and readiness work we've done there to build a new team and build new systems.

so we'll leverage off sunrise dam we'll leverage off tropicana in terms of all the operational readiness work we've done there to build a new team and build new systems


but we really haven't done a whole lot of marketing beyond building out the partners to go-to-market in some of these geographies that I mentioned.

but we really haven't done a whole lot of marketing beyond building out the partners to go to market in some of these geographies that i mentioned


roughly, I think that will be more as we go through the rest of the year. We're able to gain some share there. So I think we can play

roughly i think that'll be more as we go through the rest of the year we're able to gain some share there so i think we can play


These capabilities are in development and testing, and we will be introducing them with training and support to advisers beginning and throughout next year.

these capabilities are in development and testing and we will be introducing them with training and support to advisers beginning and throughout next year


yet, at the same time, it does sound like some of these issues are new issues. I understand the demand environment is challenging. I suspect it got more challenging since the new year.

yet at the same time it does sound like some of these issues are new issues i understand the demand environment is challenging i suspect it got more challenging since the new year


try to stay ahead of the game and ahead of the referral opportunities. So I think that we did a lot of

try to stay ahead of the game and ahead of the referral opportunities so i think that we did a lot of


the work we're putting in to try and engineer our margin and understand drivers of margin for both food and drink aren't just a factor of what's gone before. We're doing some different things. So on drink,

the work we're putting in to try and engineer our margin and understand the drivers of margin so both food and drink aren't just a factor of what's gone before we're doing some different things so on drink


In some challenging markets, we have delivered numbers in line with the rebased guidance that we put out in December.

in some challenging markets we have delivered numbers in line with the rebased guidance that we put out in december


if we confirm the growth of the Brazilian economy, we will discuss the investment in a new line of galvanized.

if we confirm the growth of the brazilian economy we will discuss the investment in a new line of galvanized


Just wondering to what extent this theme will play out in 2017 and in particular was there any acceleration of

just wondering to what extent this theme will play out in 2017 and in particular was there any acceleration of


through our services, and that is the base off which we're going to consider new services, and we need to make it easier to use.

through our services and that is the base software we're going to consider new services and we need to make it easier to use


As seen after any of the recent loss events, capital is readily available, and will flow in and out of the market as needed.

as seen after any of the recent loss events capital is readily available and will flow in and out of the market as needed


I frankly, do not know. I can make guesses, but I wouldn't want to make a guess, but I think the government has chosen that this is the most opportune moment to announce and they have announced it.

i frankly do not know i can make guesses but i wouldn't want to make a guess but i think the government has chosen that this is the most opportune moment to announce and they have announced it


With this all behind us and to be successful going forward, the organization has to focus on cost to ensure enough cash available to pay for the growth.

with this all behind us and to be successful going forward the organization has to focus on cost to ensure enough cash available to pay for the growth


Third, we will be putting in place a new client partner organization, focused on sustaining and growing our relationships with our existing clients,

third we will be putting in place a new client partner organization focused on sustaining and growing our relationships with our existing clients


invent the world as we see it, but we're listening real carefully to our clients and they're telling us what they want the product to be able to do, and we're making it able to do that.

invent the world as we see it but we're listening real carefully to our clients and they're telling us what they want the product to be able to do and we're making it able to do that


markets. And as we've talked about here before, we've been managing very carefully things like our construction and land exposure,

markets and as we've talked about here before we've been managing very carefully things like our construction and land exposure


regardless of the market conditions. As you know, in Q2, the Korean interest rate has been going on a downward trend.

regardless of the market conditions as you know in q2 the korean interest rate has been going on a downward trend


Our tax rate benefited almost equally from our tax planning efforts and the new accounting standards related to share-based compensation.

our tax rate benefited almost equally from our tax planning efforts and the new accounting standards related to share-based compensation


Before we begin our remarks, I want to direct your attention to Slide 2, which discusses our use of forward-looking statements and potential risk factors

before we begin our remarks i want to direct your attention to slide 2 which discusses our use of forward-looking statements and potential risk factors


Even though we started billing all clinics direct for Medicare patients effective July 1, we were still processing and collecting

even though we started billing all clinics direct for medicare patients effective july 1 we were still processing and collecting


Previously, Clarient's more limited test menu required a large number of molecular tests to be sent out to other labs for processing.

previously clarient's more limited test menu required a large number of molecular tests to be sent out to other labs for processing


Given all of this disruption to our normal sales process, they worked very hard and we are fortunate to have achieved strong results so quickly.

given all this disruption to our normal sales process they worked very hard and we are fortunate to have achieved strong results so quickly


And that open season is continuing with strong interest and hopefully we'll have more to report on that in the near future.

and that open season is continuing with strong interest and hopefully we'll have more to report on that in the near future


this -- the investment thesis around the mortgage solutions business was a share gain, leveraging our relationships with the mortgage servicers, expanding our product offerings.

this -- the investment thesis around the mortgage solutions business was a share gain leveraging our relationships with the mortgage servicers expanding our product offerings


And the opportunity to have higher margins on those projects, I believe the competition is starting to follow our lead.

and the opportunity to have higher margins on those projects i believe the competition is starting to follow our lead


at or above historical rates. So again, we'll see how things play out if and when competition does come with regards to price and volume,

at or above historical rates so again we'll see how things play out if and when competition does come with regards to price and volume


At the moment, I think that the most likely impact that I can see that may happen

at the moment i think that the most likely but that i can see that may happen


hospitality capacities with the facilities that are not all up to the task as they are.


was a very dramatic impact in that segment, which rippled through to 4% for the business overall. So I think that while

was a very dramatic impact in that segment which rippled through to 4% for the business overall so i think that while


to comply with their growing burden of regulatory obligations and to provide great gaming entertainment for their guests.


We will continue to manage all elements of our business within our control to ensure that we remain competitive regardless of economic conditions.

we will continue to manage all elements of our business within our control to ensure that we remain competitive regardless of economic conditions


It provides a baseline of diverse healthy human subject that will be used to further understand immune system responses across a range of diseases and populations.

it provides a baseline of diverse healthy human subjects that will be used to further understand immune system responses across a range of diseases and populations


That's our target. As far as pineapple is concerned, I believe pineapple will rationalize by itself as we go forward because,

that's our target as far as pineapple is concerned i believe pineapple will rationalize by itself as we go forward because


Argentina area keeps on growing organically at 36% as we continue passing inflation cost to prices in the country with no deterioration

argentina area keeps on growing organically at 36% as we continue passing inflation cost to prices in the country with no deterioration


There are many aspects of financial 2017 we believe are important to discuss. I will focus the rest of my comments on these issues.

there are many aspects of financial 2017 we believe are important to discuss i will focus the rest of my comments on these issues


Our Q2 free cash flow was below our target as working capital builds pushed our total working capital to 28% of sales.

our q2 free cash flow was below our target as working capital builds pushed our total working capital to 28% of sales


with emerging opportunities to include new technology classes, such as augmented reality, autonomy and blockchain and these solution sets.

with emerging opportunities to include new technology classes such as augmented reality autonomy and blockchain in these solution sets


While substantially better than the fiscal first quarter, our same-store portfolio growth is currently not on the pace we had expected.

while substantially better than the fiscal first quarter our same-store portfolio growth is currently not on the pace we had expected


But then, right now, we're not expecting Brazil to get any worse. I mean, you can see the levels that we're talking about across the businesses.

but then right now we're not expecting brazil to get any worse i mean you can see the levels that we're talking about across the businesses


Consumer evaluations of HI-CHEW have risen steadily, and its fans show no signs of tiring of its delicious taste

consumer evaluations of hai chu have risen steadily and its fans show no signs of tiring of its delicious taste


Once we have all the traffic, we would anticipate to be doing a little bit more of network optimization, but I would characterize it as it's much lower scale

once we have all the traffic we would anticipate to be doing a little bit more network optimization but i would characterize it as it's much lower scale


We have invested quite a bit in this business for some time and we stepped it up and they have had a big investment starting

we have invested quite a bit in this business for some time and we stepped it up and they have had a big investment starting


Yes. There's been very little of that. I mean prices in general have been very steady across global investment sales markets.

yes there's been very little of that i mean prices in general have been very steady across global investment sales markets


which is with the launch of a global organizations to monitor asset efficiency and services performance programs throughout the group.

which is with the load of global organizations to monitor asset efficiency and services performance programs throughout the group


Because what they're telling us is, until I know, for a fact, that I can supply my current surgeons, I'm not going to take on the additional risk to go after material new business.

because what they're telling us is until i know for a fact that i can supply my current surgeons i'm not going to take on the additional risk to go after material new business


a big part of what we need to do in the organization is just to increase this kind of one Zimmer Biomet mission culture.

a big part of what we need to do in the organization is just to increase this kind of one zimmer biomet mission culture


The bill is complex and will take some time to fully implement. The amounts reflected in the earnings release represent our best estimates of the impact from the legislation to date.

the bill is complex and will take some time to fully implement the amounts reflected in the earnings release represent our best estimates of the impact from the legislation to date


These new agents are off to a good start, but they haven't quite made up all of the foregone revenue from small ESCO partners that we redirected towards distribution

these new agents are off to a good start but they haven't quite made up all of the foregone revenue from small esco partners that we redirected towards distribution


We continue to focus on differentiating our products, concentrating on helping provide transparency to our consumers

we continue to focus on differentiating our products concentrating on helping provide transparency to our consumers


We continue to review performance by store. It's against a menu of options considered to improve that performance when less than desired.

we continue to review performance by store it's against the menu of options considered to improve that performance when less than desired


So we just saw a powder by Eldora and also looking to set up a new partner for themselves in Japan. I was hoping you just talk to

so we just saw powder by aldora and also looking to set up a new partner for themselves in japan i was hoping you could just talk to


Technology is the driver of scale and is at the heart of everything we do. We will continue to emphasize these capabilities

technology is the driver of scale and is at the heart of everything we do we will continue to emphasize these capabilities


It makes us more valuable to both our customers and our suppliers as we can provide comprehensive solutions to reduce their supply chain costs.

it makes us more valuable to both our customers and our suppliers as we can provide comprehensive solutions to reduce their supply chain costs


That residential reentry facility received modest damage when the eye of the hurricane made landfall only a few miles northeast of the facility.

that residential reentry facility received modest damage when the eye of the hurricane made landfall only a few miles northeast of the facility


The year-over-year increase was a result of higher overall outstanding debt balances and higher interest rates on the floating portion of our debt.

the year-over-year increase was a result of higher overall outstanding debt balances and higher interest rates on the floating portion of our debt


Thanks, Rick. We had an exceptionally strong fourth quarter and full year 2016, and I am proud to share the highlights of our accomplishment.

thanks rick we had an exceptionally strong fourth quarter and full year 2016 and i am proud to share the highlights of our accomplishments


We believe this study had a successful outcome in validating the revised directions for use given there were no drop tablets during the study.

we believe this study had a successful outcome in validating the revised directions for use given there were no drop tablets during the study


both to follow what our clients are asking for from us and also just follow the spending trends in our clients.

both to follow what our clients are asking for from us and also to follow the spending trends in our clients


But it is picking up, and what we're seeing is this pickup is very strong in China. And that's partially because

but it is picking up and what we're seeing is this pickup is very strong in china and that's partially because


Also, as Chris described, we are very excited to announce the acquisition of the Island Bancorp, the holding company for Edgartown National Bank,

also as chris described we are very excited to announce the acquisition of the island bancorp the holding company for edgartown national bank


And so will that securitization, the initial one and anything on a go-forward basis

and so will that securitization the initial one and anything on a go-forward basis


Also note that depreciation will be a couple million dollars higher in the quarter sequentially. But we expect it to moderate in the second half of the year.

also note that depreciation will be a couple million dollars higher in the quarter sequentially but we expect it to moderate in the second half of the year


as many people in the organization as you can possibly satisfy. And you keep them satisfied every day that you can keep them satisfied. So you have to

as many people in the organization as you can possibly satisfy and you keep them satisfied every day that you can keep them satisfied so you have to


at the customer that is either already being met with competitor products? Or is it something that is not already met yet,

at the customer that is either already being met with competitor products or is it something that is not already met yet


and we can fully use them for financing the company. So this is actually a good source of very cheap financing for us going forward as long as Renova is under sanctions.

and we can fully use them for financing the company so this is actually a good source of very cheap financing for us going forward as long as renova is under sanctions


As we said on previous calls, that in our opinion, there's no reason there should be as much rate pressure as there is with demand as high as it is.

as we said on previous calls in our opinion there's no reason there should be as much rate pressure as there is with demand as high as it is


It does exacerbate the fact that we're in the middle of a holiday period, so we did anticipate some weakness just over the holidays

it does exacerbate the fact that we're in the middle of a holiday period so we did anticipate some weakness just over the holidays


And that is where the market is. I mean, you don't really see too many people messing around with that type of colored glass. You may see,

and that is where the market is i mean you don't really see too many people messing around with that type of color glass you may see


What's exciting for us are a couple of areas. One, and I can't be real specific because of the applications, but I'll give you a flavor.

what's exciting for us are a couple of areas one and i can't be real specific because of the applications but i'll give you a flavor


primarily loans and primarily driven by LIBOR and prime. But that allows us to really benefit as rates continue to rise.

primarily loans and primarily driven by libor and prime but that allows us to really benefit as rates continue to rise


will be pretty much reduced in the second quarter. I'll let Mario maybe give you a

will be pretty much reduced in the second quarter i'll let mario maybe give you


perhaps you could just give us some color in terms of like your bidding activity in Canada and where you see that going over the course of the year.

perhaps you could just give us some color in terms of like your bidding activity in canada and where you see that going over the course of the year


look no further than Asia to see how Germany is doing a lot of our business in Germany tends to be to the machine building and the export

look no further than asia to see how germany is doing a lot of our business in germany tends to be to the machine building and the export


The interest of these brands and the scope and extent of our interaction with them has intensified as construction has progressed on the upper floors.

the interest of these brands and the scope and extent of our interaction with them has intensified as construction has progressed on the upper floors


Regarding taxes, the effective tax rate was just under 10% for the third quarter, benefiting from the release of a previously accrued tax liability.

regarding taxes the effective tax rate was just under 10% for the third quarter benefiting from the release of a previously accrued tax liability


And therefore, we don't think that will have a long-term impact on the market. But I would say short term, it certainly had an impact because a lot of vessels came out

and therefore we don't think that will have a long-term impact on the market but i would say short term it certainly had an impact because a lot of vessels came out


The one deals with 300-millimeter, where we've stated that one of our growth engines for the second half of the year

the one deals with 300 millimeter where we've stated that one of our growth engines for the second half of the year


for both sensors and displays and on a very unique embedding of artificial intelligence into imaging and other sensors.


on the forecast at the beginning of 2019, we will decide to invest to increase capacity in that factory,

on the forecast at the beginning of 2019 we will decide to invest to increase capacity in that factory


that is in charge of launching this product. And it includes reimbursement specialists and folks that have done this before for many small teams.

that is in charge of launching this product and it includes reimbursement specialists and folks that have done this before for many small teams


Along with the superior growth of our new clients pipeline, we have been challenging historical conventions around the onboarding process to eliminate roadblocks.

along with the superior growth of our new client pipeline we have been challenging historical conventions around the onboarding process to eliminate roadblocks


And so indeed, these are the other areas where we will try to be a stronger presence in the market.

and so indeed these are the other areas where we will try to be a stronger presence in the market


I'd say overall we're seeing nice improvement in our business on the margin side. We do think that the large project

i'd say overall we're seeing nice improvement in our business on the margin side we do think that the large project


And we still think we have a pretty solid year in HHI. Obviously, it's going to take us a couple of quarters to get appliances stood back up and reinvest

and we still think we have a pretty solid year in hhi obviously it's going to take us a couple of quarters to get appliances stood back up and reinvest and


Since that time, we have enhanced our planning tools and increased capacity to give better awareness and flexibility to meet market demand.

since that time we have enhanced our planning tools and increased capacity to give better awareness and flexibility to meet market demand


has given us confidence to reinvest our marketing efficiency gains back into the opportunity to really take


the timeline is open. Number two, at the current -- currently, we don't have any plans to return money to the shareholders because we think we can deploy the money.

the timeline is open number two at the current -- currently we don't have any plans to return money to the shareholders because we think we can deploy the money


are obviously still holding in pretty strongly. So how do you think about the chemical environment and what it might mean for the timing of the second cracker?

are obviously still holding in pretty strongly so how do you think about the chemical environment and what it might mean for the timing of a second cracker


second quarter of 2016. Like the investment community does, we too compare our results to the Baltic Index.

second quarter of 2016 like the investment community does we too compare our results to the baltic index


We had a need last year to be a bit specific on the pricing development because we had to revise our long-term financial targets, but we do not believe it's meaningful going forward

we had a need last year to be a bit specific on the pricing development because we had to revise our long-term financial targets but we do not believe it's meaningful going forward


Yes, I don't think there is a steady state in digital media. It keeps changing. Three years ago, I wouldn't have thought that we were going to be

yes i don't think there is a steady state in digital media it keeps changing three years ago i wouldn't have thought that we were going to be


in this way and to stay with a good return on the capital that we have used in our business. And again, it

in this way and to stay with the good return on the capital that we have used in our business and again it is


We have invested in our team, our in-store presentations as well as focus on developing and improving our vendor base.

we have invested in our team our in-store presentations as well as focused on developing and improving our vendor base


On our call a year ago, I spoke about our story in the context of chapters, the early days going public and then getting big fast.

on our call a year ago i spoke about our story in the context of chapters the early days going public and then getting big fast


in responding to customer needs and consumer behavior and added new capabilities to drive future growth.


So the lower pricing really speaks to what Steve just spoke to in terms of what we're doing in terms of supporting the coffee. So

so the lower pricing really speaks to what steve just spoke to in terms of what we're doing in terms of supporting the coffee so


through the card program. So at some point in 2019, we expect the kind of expansion of what we call the premium account,

through the card program so at some point in 2019 we expect the kind of expansion of what we call the premium account


Our closures with SimpliSqueeze valves can also be found on new barbecue sauces in Brazil and Mexico for both Hunts and Heinz.

our closures with simply squeeze valves can also be found on new barbecue sauces in brazil and mexico for both hunts and hines


lion share of the orders. So and I think that's pretty clear what's happened in the market and

lion's share of the orders so -- and i think that's pretty clear what's happened in the market and


I am excited that we'll be working together to build value for our shareholders. And with that, I'll turn the call over to Craig to cover our financials.

i am excited that we will be working together to build value for our shareholders and with that i will turn the call over to craig to cover our financials


Third is to grow the Logistics and Business Park allocation to ideally well above 20% of our total assets.

third is to grow the logistics and business park allocation to ideally well above 20% of our total assets


I want you to just be very clear where we stand on this. Overall, we are very pleased with our top line strength, I think you could see from our presentation. And I'm talking Legacy CAG here.

i want you to just be very clear where we stand on this overall we are very pleased with our top line strength i think you could see from our presentation and i'm talking legacy cag here


but we do need more data. So we are running a few registry studies of different kinds to figure out exactly how they can interpret this.

but we do need more data so we are running a few registry studies of different kinds to figure out exactly how they can interpret this


lower cost, position ourselves for what I would say improved margins going forward once the wind starts blowing in our direction again.

lower cost position ourselves for what i would say improved margins going forward once the wind starts blowing in our direction again


The other thing that I found interesting and attractive was the organic growth. A lot of the innovation at ServiceNow has been organically developed. You don't see that very often.

the other thing that i found interesting and attractive was the organic growth a lot of the innovation at servicenow has been organically developed you don't see that very often


Factors that could cause actual results or events to differ materially from current expectations are disclosed under the heading Risk Factors

factors that could cause actual results or events to differ materially from current expectations are disclosed under the heading risk factors


We were able to leverage the skills of our GMFS, the residential business that stand in that area to help underwrite and

we were able to leverage the skills of our gmfs the residential business that's down in that area to help underwrite and


reasonable outcome in your next rate proceeding -- I know you're still trying to get the final order here -- we should expect

a reasonable outcome in your next rate proceeding i know you're still trying to get the final order here we should expect


have not performed particularly well of late. And so we see it as a real opportunity for us to take some leadership and get the category growing faster.

have not performed particularly well of late and so we see it as a real opportunity for us to take some leadership and get the category growing faster


We wish to caution you that such statements reflect only the company's current expectations, and that actual events or results may differ materially.

we wish to caution you that such statements reflect only the company's current expectations and that actual events or results may differ materially


that allowed us to substitute one type of fiber for another, we would actively pursue those as well as part of our CapEx guidance that we provided.

that allowed us to substitute one type of fiber for another we would actively pursue those as well as part of our capex guidance that we provided


larger and more long-term relationship with these customers. So how did we support that and what did we do in terms of investment during this

larger and more long-term relationship with these customers so how did we support that and what did we do in term of investment during this


these all were necessary to be that glue to make everything to work together as a platform. All of these have been invested in.

these all were necessary to be that glue to make everything to work together as a platform all of these have been invested in


early leading indicators of this investment and this strategy provide good indicators that we are having much more


is very good. But we do recognize that a lot of our partners are in a situation where they're trying to manage their inventory. And so

is very good but we do recognize that a lot of our partners are in a situation where they're trying to manage their inventory and so


And so I expect our customers will want to have access to that pipeline, wherever we put our next plant, so that will go into our calculus.

and so i expect our customers will want to have access to that pipeline wherever we put our next plant so that will go into our calculus


but we certainly will continue to look at that. I will tell you though that I don't believe you see the same elevated valuations in areas outside of our core areas.

but we certainly will continue to look at that i will say though that i don't believe you see the same elevated valuations in areas outside of our core areas


lower visitor roaming growth and the retention focus in the prolongation cycles of customers affected by customer services and network issues.


This is good old cable tactics. And as you move to the right on this page, you can see that strong customer intake is not diluting Home ARPU. We

this is good old cable tactics and as you move to the right on this page you can see that strong customer intake is not diluting home arpu


induced by the tax rate that is the important part of any increase in CapEx. And we'll identify which is which if we do that.

induced by the tax rate that is the important part of any increase in capex and we'll identify which is which if we do that


benefits to them in terms of their overall health and management. And with respect to Andrew Witty joining us, Justin, we're very pleased that he's

benefits to them in terms of their overall health and management and with respect to andrew will he joining us justin we're very pleased that he's


but we -- we've always had a strong balance sheet as one of our top priorities, so that certainly isn't going to change.

but we've always had a strong balance sheet as one of our top priorities so that certainly isn't going to change


Cash flow was also impacted by the decision to carry some additional inventory at year-end, buying around tariffs and the Chinese New Year.

cash flow was also impacted by the decision to carry some additional inventory at year-end buying around tariffs and the chinese new year


Excluding the benefit of this transaction, the fourth quarter cash flows were slightly below last year's result due to a onetime pension payment.

excluding the benefit of this transaction the fourth quarter cash flows were slightly below last year's result due to a onetime pension payment


the margins on that IoT business significantly higher than your current risk margin base?

the margins on that iot business significantly higher than your current gross margin base


posted to the liability management accounts, the final cost becomes more competitive than what we had before. But if we were to adjust

posted to the liability management account the final cost becomes more competitive than what we had before but if we were to adjust


will also discuss our progress on improving our plant uptime. As we noted during our last quarter's call, back in February,

we'll also discuss our progress on improving our plant uptime as we noted during our last quarter's call back in february


pressure, whether that's from payer pushback given the size of the market or potential competition long term coming in? How do we think about that?

pressure whether that's from payer pushback given the size of the market or potential competition long term coming in how do we think about that


and yarn, which is an incremental headwind. And I'll add that as we discussed for some time now in the last earnings call and at investor conferences,

and yarn which is an incremental headwind and i'll add that as we discussed for some time now in the last earnings call and at investor conferences


A general discussion of the risk factors that could affect Jianpu's business and financial results is included in certain filings of the company with the Securities and Exchange Commission.

a general discussion of the risk factors that could affect jempu's business and financial results is included in certain filings of the company with the securities and exchange commission


But before I turn it over to Mike, let me provide you with more details on our commercial performance. Starting with MS.

but before i turn it over to mike let me provide you with more details on our commercial performance starting with ms


improving retention. And we have emphasized I think throughout our communications that healthy revenue growth and improving retentions are very important to support

improving retention and we have emphasized i think throughout our communications that healthy revenue growth and improving retentions are very important to support


which helps us to grow our cargo market share. It also does provide incremental productivity improvements because we were doing a similar

which helps us to grow our cargo market share it also does provide incremental productivity improvements because we were doing a similar


Better demand conditions, combined with our actions earlier in the year to rightsize the fleet, resulted in outperformance for rental during the quarter.

better demand conditions combined with our actions earlier in the year to rightsize the fleet resulted in outperformance for rental during the quarter


Overall, we're well positioned as we enter the second quarter. Given the growth opportunities from our proprietary products and anticipated progress in our pipeline candidates

overall we're well positioned as we enter the second quarter given the growth opportunities from our proprietary products and anticipated progress in our pipeline candidates


for expected future milestones and royalty payments from Recro. A noncash charge we recorded was due to a decrease in the fair value of this contingent consideration

for expected future milestones and royalty payments from recro the noncash charge we recorded was due to a decrease in the fair value of this contingent consideration


and keeping our balance sheet robust enough to handle any market environment. We are and will continue to invest for the longer term.

and keeping our balance sheet robust enough to handle any market environment we are and will continue to invest for the longer term


Regarding Phase 1 of the Below 120 project, the completion of the decline system below the current secondary shaft is on track for completion

regarding phase 1 of the below 120 project the completion of the decline system below the current secondary shaft is on track for completion


Got it. So I guess as we think about that composition of your deposit base, do you think that mix will change significantly from where it is today?

got it so i guess as we think about that composition of your deposit base do you think that mix will change significantly from where it is today


Because the details around that, how much load do you take out, how much do you credit against a single resource, which is a block resource, against a shape

because the details around that how much load do you take out how much do you credit against a single resource which is a block resource against a shape


So every business across the company has been focusing on improving working capital productivity, and Cotton is a good example

so every business across the company has been focusing on improving working capital productivity and cotton is a good example


Our materials are on the ground floor of several new product rollouts ranging from hydration delivery to underwater sports equipment.

our materials are on the ground floor of several new product rollouts ranging from hydration delivery to underwater sports equipment


As the driver and independent contractor markets continue to be challenging, this is as tough a driver market as any of us has ever seen.

as the driver and independent contractor markets continue to be challenging this is as tough a driver market as any of us has ever seen


as we expect modestly improve operating performance in the third and fourth quarters will be offset by incrementally unfavorable impacts from currency movements.

as we expect modestly improved operating performance in the third and fourth quarters will be offset by incrementally unfavorable impacts from currency movements


timing, and value of the Executive Search confirmations as well as our clients' use and renewals of our enterprise license agreements.

timing and value of the executive search confirmations as well as our clients' use and renewals of our enterprise license agreements


in order to manage through vintage risk and to properly construct portfolios from a risk perspective.


the business, we weren't anticipating the lag in the revenue. So these deals are done. They've been booked

the business we weren't anticipating the lag in the revenue so these deals are done they've been booked


as opportunities present themselves when I think that they will help us achieve our strategic goals.

as opportunities present themselves when i think that they will help us achieve our strategic goals


some work we did with a consultant. We were completing up that reorganization. It was leaning out the organization, and kind of moving

some work we did with a consultant we were completing up that reorganization it was leaning out the organization and kind of moving


if you look at it over a prolonged period of time over the last decade, the gains that they've made up pretty modest. But we have also gained

if you look at it over a prolonged period of time over the last decade the gains that they've made are pretty modest but we have also gained


The second part on that is related to the use of more complex material. I guess you still have headroom here

the second part on that is related to the use of more complex material i guess you still have headroom here


My first question is just -- Scott if I could ask you to elaborate a little bit on the rental strategy

my first question is just scott if i could ask you to elaborate a little bit on the rental strategy that's been


about the period. Definitely it will pick up speed in Q3, definitely because of -- well we're getting ready to

about the period definitely it will pick up speed in q3 definitely because of -- well we're getting ready to


Please look at the bottom of the page, Slide 8. This is the segment information for Technology Solutions.

please look at the bottom of the page slide 8 this is the segment information for technology solutions


can find the money to pursue this. I think at the same time, there is a strong sense that

they can find the money to pursue this i think at the same time there is a strong sense that


On behalf of my wife Mona, my daughter Sydney and I, I just want to say thank you, again, and God bless all of you, all the Lear families around the world.

on behalf of my wife mona my daughter sydney and i i just want to say thank you again and god bless all of you all the lear families around the world


As I mentioned in my opening slide, we've been investing in our business for a long time now, and Slide 16 highlights the significant investments we have made.

as i mentioned in my opening slide we've been investing in our business for a long time now and slide 16 highlights the significant investments we have made


These shows were very successful for us with strong booth attendance and record lead generation that position us well going forward.

these shows were very successful for us with strong booth attendance and record lead generation that position us well going forward


Our operations in Brazil were profitable again for the second quarter in a row as we gained scale and we saw record premium from our professional lines businesses.

our operations in brazil were profitable again for the second quarter in a row as we gained scale and we saw record premium from our professional lines businesses


Similarly, while Hurricane Michael heavily affected parts of Florida and other coastal states, our claims impact was again less than anticipated.

similarly while hurricane michael heavily affected parts of florida and other coastal states our claims impact was again less than anticipated


Hope you all had a chance to review the press release we issued earlier this morning. A copy of the release is available on our website, as is the slide presentation for this call.

hope you all had a chance to review the press release we issued earlier this morning a copy of the release is available on our website as is the slide presentation for this call


Although the company believes that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct.

although the company believes that the expectations reflected in such forward-looking statements are reasonable it can give no assurance that such expectations will prove to have been correct


preserving our autonomy and our own buildings. But the idea is to really be part and parcel of what I would call the local hospital platform.

preserving our autonomy and our own buildings but the idea is to really be part and parcel of what i would call the local hospital platform


And so we're trying to focus on places where there are such compelling unmet medical needs as we expand beyond CKD dialysis.

and so we're trying to focus on places where there are such compelling unmet medical needs as we expand beyond ckd dialysis


you can provide to the market in terms of the outlook for production here, cost or the quality of the asset?

that you can provide to the market in terms of the outlook for production your cost or the quality of the asset


your outlook for your potassium chloride products? And I know you mentioned the incremental opportunity to gain share on the powder. Maybe you can help frame that? And then

your outlook for your potassium chloride products and i know you mentioned the incremental opportunity to gain share on the powder maybe you can help frame that and then


the bulk of the projects have great focus on technology. The trend in the future is that the business will be more asset light.

the bulk of the projects have great focus on technology the trend in the future is that the business will be more asset-light


will be inconsistent with first quarter 2016. However, as you know, fuel margins can be sensitive to competitive and market factors

will be inconsistent with first quarter 2016 however as you know fuel margins can be sensitive to competitive and market factors


As you know, we reset our stores at least twice a year to optimize the return on every single meter drop in every single store.

as you know we reset our stores at least twice a year to optimize the return on every single meter drop in every single store


In addition, our International business is profitable and growing fast and we continue to win new business with a record period to date.

in addition our international business is profitable and growing fast and we continue to win new business with a record period to date


the acceleration is also caused by the reporting for the first time of that business being part of the year-over-year comparisons.


you to be more optimistic in terms of the earnings evolution, also taking into account that you are positive on the underlying

you to be more optimistic in terms of the earnings evolution also thinking into account that you are positive on the underlying


This was due in part to a number of cost management initiatives that resulted in non-sales and distribution expense savings, inclusive of implementation cost

this was due in part to a number of cost management initiatives that resulted in non-sales and distribution expense savings inclusive of implementation costs


Our display group delivered revenue that was slightly above the midpoint and also set new records in both revenue and operating income.

our display group delivered revenue that was slightly above the midpoint and also set new records in both revenue and operating income


And I really deeply feel Applied's never been in a better position to use our breadth to enable these new capabilities. So

and i really deeply feel applied has never been in a better position to use our breadth to enable these new capabilities so


our philosophy in the letter to shareholders, in effect, say it out loud. And as I said, we view it as a call to action

our philosophy in the letter to shareholders in effect say it out loud and as i said we view it as a call to action


So maybe you could drill down a little further on that. And I guess I'm getting the sense that, as you mentioned too, that the deep discount category has been picking up.

so maybe you could drill down a little further on that and i guess i'm getting the sense that as you mentioned too that the deep discount category has been picking up


the Enterprise side. And in a way, I think the approach we've taken in addressing that competition is somewhat different from what Globe

and the enterprise side and in a way i think the approach we've taken in addressing that competition is somewhat different from what


On transport, you can fill the tracks much cheaper and it reduces the demand for having to go out and use the spot market, which has increased dramatically this year.

on transport you can fill the trucks much cheaper and it reduces the demand for having to go out and use the spot market which has increased dramatically this year


So probably, we will see in the next days or weeks what happen, but nothing happened yet

so probably we will see in the next days or weeks what happened but nothing happened yet


Let's turn now to corporate partnering and our recently announced strategic collaboration agreements with Lilly and Alexion to discover

let's turn now to corporate partnering and our recently announced strategic collaboration agreements with lilly and alexion to discover


There's really 2 benefits. The first one is we don't have that whole logistical and lack of and focus taken away from what we do.

there's really 2 benefits the first one is we don't have that whole logistical and lack of focus taken away from what we do


particularly when factoring in the economic benefit we expect to achieve from the third and fourth quarter takeouts. On the balance sheet side,

particularly when factoring in the economic benefit we expect to achieve from the third and fourth quarter takeouts on the balance sheet side


And then effectiveness, what we like to do is get in and do a pilot study to establish the dose and validate kind of where we are.

and then effectiveness what we like to do is get in and do a pilot study to establish the dose and validate kind of where we are


I think we've talked about this. We have -- we've won and lost from some of the consolidation that's taken place in the industry over the past bunch of years. There were couple

i think we've talked about this we have -- we've won and lost from some of the consolidation that's taken place in the industry over the past bunch of years there were a couple


As a result, our balance sheet continues to demonstrate strength and flexibility to support the repayment of our obligations and our growth initiatives.

as a result our balance sheet continues to demonstrate strength and flexibility to support the repayment of our obligations and our growth initiatives


Finally, let me finish by emphasizing that these projections do not include any benefits from future rate hikes or tax reform.

finally let me finish by emphasizing that these projections do not include any benefits from future rate hikes or tax reform


and we were going to work internally to drive revenues in the services business that were non-coal, and we're still very focused on that. And I still think there's opportunity there.

and we were going to work internally to drive revenues in the services business that were non-coll and we're still very focused on that and i still think there's opportunity there


Marcus, you said that the sales performance that you saw at the end of the month has continued thus far through the first week of August

i think marcus you said that the sales performance that you saw at the end of the month has continued thus far through the first week of august


This lowered range is not reflective of any significant change in the profitability of our RV business,

this lowered range is not reflective of any significant change in the profitability of our rv business


toy set? And if there's any early color or comments you can give on Black Friday and fourth quarter to date.

toy set and if there's any early color comments you can give on black friday and fourth quarter to date


The market strengthened during the first part of the fourth quarter, but has softened lately, and it is uncertain if a profit share will accumulate this quarter.

the market strengthened during the first part of the fourth quarter but has softened lately and it is uncertain if a profit share will accumulate this quarter


invest in NPLs. Another key element of the tax act is a provision that limits interest deductibility based on taxable earnings.

invest in npls another key element of the tax act is a provision that limits interest deductibility based on taxable earnings


Believe me, we are focused on increasing that growth rate substantially. But at this point, given what we are seeing in the marketplace, I think it's prudent

believe me we are focused on increasing that growth rate substantially but at this point given what we are seeing in the marketplace i think it's prudent


We are transforming LP into a building solutions company and the financial results reflect that change.

we are transforming lp into a building solutions company and the financial results reflect that change


What is new is the degree to which we are aligning all aspects of our business to achieve this goal from internal target setting to how we measure our performance.

what is new is the degree to which we are aligning all aspects of our business to achieve this goal from internal target setting to how we measure our performance


At the same time, while we benefit from consistent price increases on lift tickets and season passes, we are offering guests a wide variety of products to access our mountains.

at the same time while we benefit from consistent price increases on lift tickets and season passes we are offering guests a wide variety of products to access our mountains


As you think about the relationship between orders and units, keep in mind that roughly 25% of total Pointnext orders are related to new attach.

as you think about the relationship between orders and units keep in mind that roughly 25% of total pointnext orders are related to new attach


to react on the upside and we never want to get caught on the downside. And so from our ability to mobilize and execute

to react on the upside and we never want to get caught on the downside and so from our ability to mobilize and execute


We continue research in both of these exciting areas and look forward to additional presentations at upcoming scientific and medical meetings.

we continue research in both of these exciting areas and look forward to additional presentations at upcoming scientific and medical meetings


Our innovative proposed solution would allow Kansas to address their correctional infrastructure and program needs without negatively impacting the state's budget

our innovative proposed solution would allow kansas to address their correctional infrastructure and program needs without negatively impacting the state's budget


Although the facility never lost power, we were fully prepared with backup diesel generators and had ample food supplies for our ICE detainees

although the facility never lost power we were fully prepared with backup diesel generators and had ample food supplies for our ice detainees


the solution to the problem of what to drink when you are not drinking. Nonalcoholic, it has 2 variants designed to be drunk

the solution to the problem of what to drink when you're not drinking nonalcoholic it has 2 variants designed to be drunk


Some of the growth is due to the benefits of securities purchases, which we do not expect to be as significant a contributor to growth over the foreseeable future.

some of the growth is due to the benefits of securities purchases which we do not expect to be a significant contributor to growth over the foreseeable future